Morgan Stanley looking to exit Indian back-office ops-report

The bank is exploring all options, including a partial or entire sale of its back-office unit that does IT development and finance and accounting-related work for the U.S. firm, the Indian business daily said, citing three people familiar with the development.

Officials from Morgan Stanley in India could not be immediately contacted for a comment.

The potential value of the transaction for its entire back-office operations could be $150 million-$250 million with about $50 million alone for the knowledge process work, the report said citing an unnamed investment banker.